The U.S. Energy Information Administration estimates that OPEC members earned almost $711 billion in net oil export revenues in 2018. The estimate is up 29% from 2017, but about 40% lower than the record high of almost $1,200 billion in 2012.

“Northwest Europe has had most of the gains in LNG deliveries this year owing to the ability to sell cargoes into highly liquid markets,” said Leyra Fernandez Diaz, a gas analyst at Energy Aspects Ltd.

The GasTerra venture, handling more than a fifth of all the gas produced in Europe, had already been faced constraints after tremors damaged nearby buildings. But shutting down is a step further — raising questions about import dependency for Europe.

Pembina Pipeline Corp. increased its bet on the future of Canada’s turbulent oil-sands industry, agreeing to buy Kinder Morgan Inc.’s Canadian unit and the U.S. portion of a key pipeline for about C$4.35 billion ($3.3 billion).

Flaring tensions in the Persian Gulf have seen some of the world’s biggest crude deposits, along with processing and transport infrastructure and vessels, targeted by explosives-laden drones and bombings.

The Energy Information Administration reported that U.S. petroleum and natural gas production increased by 16% and by 12%, respectively, in 2018, and these totals combined established a new production record.

Profits from turning crude into diesel in the second half of 2019 are forecast to be about 31% higher than the first six months, according to Goldman Sachs. Margins have expanded around 40% since late April as International Maritime Organization rules that prohibit ships from using dirty fuel from Jan. 1 are set to bolster diesel demand, while cutting fuel oil use.

The race to develop oil terminals that can fully load supertankers on the U.S. Gulf Coast remains congested, even as one of North America’s largest pipeline operators decided to push its project ahead.

A change of British government has given the much-maligned fracing industry another opportunity to make out its case for stimulating the controversial technique to tap unconventional natural gas reserves.

Global oil markets face a “somewhat bearish” outlook for the rest of the year amid slowing economic growth and the long-running trade war, even though supplies will be tighter than previously thought, OPEC said.

The U.S. is disappointed with the UK after a Gibraltar court allowed the release of an Iranian tanker, and threatened sanctions against ports, banks and anyone else who does business with the ship or its crew, two administration officials said.

Iran is racing to return an oil supertanker to international waters after a Gibraltar judge said he couldn’t wait for the U.S. to take action that would prolong the six-week seizure of the vessel for allegedly violating trade sanctions.